London – August 6, 2026 – Meridia has completed the acquisition of a recently delivered purpose-built flex living asset in Carabanchel, Madrid, from the joint venture between Bain Capital, Momentum REIM and Episode. Opened in April 2025, the property comprises 977 fully furnished units and more than 30,000 sqm of gross built area. Designed to respond to the growing demand for flexible, high-quality accommodation, it offers a wide range of amenities, including co-working, gym, swimming pool, rooftop terraces, food & beverage areas and communal spaces tailored to modern urban lifestyles.

Located in one of Madrid’s fastest-growing residential districts, the asset benefits from excellent connectivity to the city center and strong demographic fundamentals. Episode, one of Spain’s leading specialized flex living operators, will continue to manage the asset, leveraging its extensive experience in delivering high-quality resident experiences and driving operational performance. Carabanchel is one of the most vivid cultural neighborhoods in Spain and Episode Carabanchel has worked with public and private entities to promote cultural activities and become a promoter of the neighborhood.

The asset was developed by Bain Capital’s Europe Real Estate team in joint venture with Momentum REIM and Episode. It has achieved BREEAM Outstanding certification and received the ASPRIMA-SIMA Award for Best Flex Living Initiative (2026), recognizing its residential innovation, sustainability, design, hospitality services and ability to foster community.

Overall, the joint venture has completed and exited approximately 2,800 units across its first portfolio and is currently developing a second portfolio of more than 2,300 units.

Meridia’s business plan is centered on the continued stabilization of operations, revenue optimization and active asset management, while maintaining a strong focus on sustainability and resident experience.

The investment reflects Meridia’s conviction in the long-term fundamentals of Spain’s living sector. Structural housing undersupply, continued urbanization, increasing labor mobility and changing residential preferences continue to support demand for professionally managed flexible accommodation, making it one of the country’s fastest-growing institutional real estate segments.

The acquisition is consistent with Meridia’s strategy of targeting high-conviction thematic investments in sectors benefiting from powerful demographic and societal trends, while delivering attractive risk-adjusted returns for its investors.

Marta de Azlor, Investment Director at Meridia, commented: “This acquisition marks an important step in strengthening our exposure to the flex living sector, which we believe offers some of the most attractive long-term opportunities within Spain’s living market. The project combines an institutional-quality asset, an attractive entry basis and a clear operational upside through stabilization. It also allows us to build on our previous investments in the sector and further expand our living portfolio. We are also delighted to work with Episode, whose operational expertise and strong track record make them an ideal partner for this asset. As investor demand continues to increase for scalable living strategies supported by strong fundamentals, we remain highly constructive on the outlook for the sector.”

Rafael Coste Campos, a Partner at Bain Capital, commented: “This transaction reflects the disciplined, full-cycle approach we take across our Europe Real Estate platform. Since entering the Spanish flex living sector alongside Momentum and Episode, we have focused on addressing the structural undersupply of high-quality accommodation in Spain’s gateway cities through hands-on asset management and long-term operating partnerships. We look forward to seeing the asset continue to perform under Meridia’s stewardship as we advance our second portfolio in the sector.”

Cuatrecasas and CSC acted as advisors for Bain Capital while JLL, KPMG, Garrigues and Arcadis acted as advisors for Meridia.

About Meridia

Meridia is a leading alternative investment fund manager in Spain with over €1 billion of assets under management. With a solid 20-year track record, the firm has built a reputation for delivering strong, risk-adjusted returns across multiple market cycles and investment strategies.

The firm manages capital on behalf of a diversified base of leading institutional investors, including pension funds, insurance companies, sovereign wealth funds, fund of funds, endowments and family offices from Europe, North America and Asia-Pacific.

Through multiple vehicles, Meridia focuses primarily on value-add real estate investments, combining deep local expertise with active asset management to deliver attractive risk-adjusted returns. The firm’s activities also extend to other areas such as Private Equity.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, portfolio companies, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,900 employees, and approximately $225 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

The firm’s Real Estate business in Europe is a disciplined, full-cycle real estate investment platform active across Living, Logistics, Digital Infrastructure and Hospitality in Europe. The team partners with best-in-class operators and management teams, combining local market expertise with Bain Capital’s global real estate and private capital platform to source off-market opportunities and create value through hands-on asset management.

About Episode

Episode is a leading Spanish flex-living operator with operations in Madrid and Barcelona and a platform of more than 6,000 units, offering fully furnished rooms and studios with all-inclusive utilities and flexible contracts. Its business combines real estate investment with hospitality-grade operations. Episode has developed its portfolio alongside institutional investors such as Bain Capital, as well as leading developers like Momentum Real Estate.

About Momentum

Momentum REIM is a Spanish real estate investment management firm founded in 2008 and specializing in the Living sector. With more than 18 years of experience, the company has developed over 50 real estate projects, deployed more than €1.4 billion in equity and delivered more than 7,200 units across Spain’s leading markets.

Momentum pioneered flex living in Spain and is the only investment manager to have completed two full institutional flexible accommodation portfolios. Its model is based on end-to-end control of the investment cycle, co-investment alongside financial partners and the integration of in-house technical capabilities through its subsidiary, Momentum Arquitectura.

The company is headquartered in Madrid and operates in Barcelona, Valencia, Málaga and Bilbao.

Media Contacts

CapMan Real Estate announces first close of Nordic Real Estate IV

CapMan Nordic Real Estate IV (CMNRE IV) the fourth vehicle in CapMan Real Estate’s value-add fund series, held its first close on 17 June 2026 supported by existing and new international investors. Building on strong momentum, the fund is on track to reach its target size of EUR 750 million in commitments.

The CMNRE IV fund is well-positioned to capitalise on the current repriced Nordic real estate market where the strong fundamentals are driven by population growth, urbanisation and the stable economies. Structured as an SFDR article 8 product the fund will target high growth real estate sectors across the Nordics with a primary focus on residential and public sector assets, alongside selective investments benefiting from other structural megatrends, such as hotels and logistics.

Having secured its first seed deal, a compelling residential project in Copenhagen, the fund is currently advancing several further attractive opportunities across its target sectors, supporting timely deployment of capital. CapMan Real Estate has acquired eight large residential projects in the Nordics over the past 12 months demonstrating the team’s expertise and conviction in this dynamic sector.

“CapMan Nordic Real Estate IV continues our established Nordic Real Estate value-add fund series and is set to be the largest fund to date. We are coming to market at a genuinely attractive moment as we are seeing a depth of opportunities across the Nordics that gives us real conviction in the strategy. We are confident in continuing to deliver strong performance and material sustainability gains for our investor partners,” says Mikael Rihto, Fund Director of the CapMan Nordic Real Estate Value-add Fund Series.

For further information, please contact:

Mikael Rihto, Fund Director, CapMan Nordic Real Estate Value-add Fund Series, +358 40 684 0468

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.2 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

Positioning Japan’s Leading Student Housing Platform for Its Next Phase of Growth

Tokyo, June 12, 2026 – Warburg Pincus, the pioneer of global growth investing, today announced that it will launch a tender offer (the “Tender Offer”) to acquire all common shares and stock options of J.S.B. Co., Ltd. (“JSB” or the “Company”; Securities code: TSE 3480), a leading integrated student housing and services platform in Japan, at an offer price of JPY 9,000 per share and JPY 1,735,000 per stock option.

The Company’s Board of Directors has expressed its opinion in support for the series of transactions (the “Transaction”), including the Tender Offer, and recommended that shareholders and stock option holders tender their shares and their stock options. Warburg Pincus has also entered into tender agreements with the Company’s largest shareholders, the Oka Family (39.20%) and HIKARI TSUSHIN Group (19.27%), both of whom have agreed to tender their shares to the Tender Offer in support of the Transaction. Together, they represent more than 58% of the Company’s outstanding shares.

Following the Transaction, the Oka Family is expected to remain a long-term shareholder through a planned re-investment, reflecting a shared commitment to the Company’s long-term growth strategy.

JSB traces its origins to Kyoto Student Information Center Co., Ltd., founded in 1976, and was incorporated under its current name in Tokyo in July 1990. Today, JSB is Japan’s leading provider of student housing and related services with UniLife as its flagship brand. The Company manages approximately 100,000 student housing units across approximately 2,700 properties throughout Japan and maintains longstanding relationships with more than 1,200 universities and institutions nationwide.

JSB operates one of Japan’s most comprehensive living platforms for students, combining housing, operational management, dining, and student support services designed to help students transition successfully into university life. The Company plays an important role in supporting students, universities, local communities, and Japan’s broader education ecosystem.

Warburg Pincus intends to partner closely with the management team to accelerate JSB’s long-term growth strategy, including expanding the supply of high-quality student housing, strengthening university and community partnerships, enhancing student services and digital capabilities, pursuing strategic bolt-on acquisitions, and supporting future capital formation opportunities.

The partnership is intended to provide JSB with greater flexibility to pursue long-term investments and growth initiatives, while maintaining operational continuity and preserving the values and stakeholder relationships that have defined the Company since its founding.

Takashi Murata, Head of Japan and Co-Head of Asia Real Estate at Warburg Pincus, said:

“We are honored to partner with the management team and the Oka Family on JSB’s next phase of growth. Leveraging our extensive experience investing in Asia’s living and real estate sectors, our strong track record of partnering with management teams to scale market-leading platforms, and our global value creation capabilities, we are committed to supporting JSB’s continued growth, helping it better serve the evolving needs of the next generation of students across Japan and internationally.

We believe this partnership positions JSB to capture the significant long-term opportunities emerging from Japan’s evolving student housing market and further strengthen its position as the country’s leading integrated student living and services platform.”

Vishal Mahadevia, Head of Asia Private Equity at Warburg Pincus, said:

“JSB exemplifies the high-quality businesses we seek to back across Asia Pacific through our long-term partnership approach. This investment underscores both the strength of our Asia franchise and our deepening commitment to Japan, where we continue to see compelling private equity opportunities. We look forward to partnering with the management team to support JSB’s next chapter of growth.”

The transaction marks Warburg Pincus’ first take-private investment in Japan and follows the opening of its Tokyo office in 2025, underscoring the firm’s strong conviction in the market and its long-term commitment to expanding its investment footprint across both private equity and real estate in Japan. The investment further reinforces the firm’s long-standing belief in Asia’s living sector and builds on over two decades of experience backing leading living platforms across the region, including Tokyo Beta, Japan’s largest share-house platform; Good Host Spaces, India’s leading purpose-built student housing platform; Weave Living, a living sector specialist focused on the gateway cities in Asia Pacific.

The Tender Offer is expected to commence on June 15, 2026, and to continue until July 27, 2026.

This press release is intended to provide information relating to the Tender Offer to the public and has not been prepared for the purpose of soliciting an offer to sell, or making an offer to purchase, any securities, and may not be used or relied upon in connection with any offer or solicitation. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States without registration thereunder or pursuant to an available exemption therefrom.

If shareholders wish to tender their securities, they should first read the Tender Offer Explanation Statement concerning the Tender Offer for information on the means by which they may tender their securities in the Tender Offer. This press release shall neither be, nor constitute a part of, an offer to sell or purchase, or solicitation to sell or purchase, any securities in any jurisdiction in which such an offer or solicitation to sell or purchase securities may not be permitted, and neither this press release (or any part of this press release) nor its distribution shall be interpreted to constitute the basis of any agreement in relation to the Tender Offer, and this press release may not be relied upon at the time of entering into any such agreement.

Unless otherwise specified, all the procedures in connection with the Tender Offer shall be conducted in the Japanese language. While a part or all of the documents in connection with the Tender Offer may be prepared in English, the Japanese documents shall prevail in case of any discrepancies between Japanese documents and corresponding English documents.

***

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $100 billion in assets under management, and more than 215 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,100 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

Media Contacts

Warburg Pincus

Lisa Liang

Senior Vice President, Asia Head of Marketing and Communications, Warburg Pincus

lisa.liang@warburgpincus.com

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Warburg Pincusによる株式会社ジェイ・エス・ビーの普通株式及び新株予約権に対する公開買付けに関するお知らせ

日本を代表する学生向け住宅プラットフォームを次なる成長フェーズへ

東京 — 2026年6月12日

グローバル・グロース投資のパイオニアであるWarburg Pincusは、本日、日本有数の学生向けマンション及び関連サービスの総合プラットフォームを運営する株式会社ジェイ・エス・ビー（証券コード：東証3480、以下「JSB」といいます。）の普通株式及び新株予約権の全てを取得するための公開買付け（以下「本公開買付け」といいます。）を開始すると発表しました。本公開買付けにおける公開買付価格は、普通株式1株当たり9,000円、新株予約権1個当たり1,735,000円です。

JSBの取締役会は、本公開買付けを含む一連の取引（以下「本取引」といいます。）に賛同の意見を表明するとともに、JSBの株主及び新株予約権者の皆様に対して本公開買付けへの応募を推奨することを決議しています。また、Warburg Pincusは、JSBの筆頭株主である岡家（所有割合：39.20%）及び光通信グループ（所有割合：19.27%）との間で応募契約を締結しており、両者は本取引に賛同し、保有株式を本公開買付けに応募することに合意しています（両者の所有割合の合計は58%超となります。）。

本取引後も、岡家は予定されている再出資を通じて、Warburg Pincusとともに長期的な株主として引き続き残る予定ですが、これは、JSBの長期的な成長戦略に対する、両者の共通のコミットメントを示すものです。

1976年創業の株式会社京都学生情報センターを前身として、1990年７月に東京都に株式会社ジェイ・エス・ビーの商号で設立されたJSBは、「UniLife」を基幹ブランドとし、日本において学生向けマンション及び関連サービスを提供するリーディング・カンパニーです。JSBは、全国に約2,700物件・約10万戸の学生向けマンションを管理し、全国の1,200以上の大学・教育機関との長期的な関係を構築しています。

JSBは、住宅、運営管理、食事提供、学生支援サービスを組み合わせることで、日本有数の包括的な学生向け生活プラットフォームを提供しており、学生生活の円滑な立ち上がりを支援しています。JSBは、学生、大学、地域社会、そして日本全体の教育エコシステムを支える上で重要な役割を担っています。

Warburg Pincusは、JSBの経営陣と緊密に連携し、高品質な学生向けマンションの供給拡大、大学及び地域社会との連携強化、学生向けサービス及びデジタル機能の強化、戦略的M&Aの推進、ならびに将来の成長資金の調達支援を含む、JSBの長期的な成長戦略を加速させる方針です。

本パートナーシップは、事業運営の継続性や、創業以来培ってきた価値観及びステークホルダーとの関係性を維持しつつ、JSBが長期的な投資及び成長施策をより柔軟に推進できるようにすることを目指すものです。

Warburg Pincusの日本代表兼アジア不動産部門共同責任者である村田貴士氏は、次のように述べています。

「当社は、経営陣及び岡家のパートナーとして、JSBの次なる成長フェーズをともに歩めることを大変光栄に思います。アジアの住宅・不動産分野における豊富な経験、経営陣とのパートナーシップを通じてマーケットをリードするプラットフォームを成長させてきた確かな実績、そしてグローバルでの価値創出力を活かし、当社はJSBの持続的な成長を支援し、日本国内及び海外における次世代の学生の多様化するニーズに一層応えられるよう尽力いたします。

本パートナーシップにより、JSBは進化を続ける日本の学生向けマンション市場における長期的な成長機会を捉え、日本を代表する学生向けマンション及び関連サービスの総合プラットフォームとしての地位をさらに強固なものにできると考えています。」

Warburg Pincusのアジア・プライベート・エクイティ部門責任者であるVishal Mahadevia氏は、次のように述べています。

「JSBは、アジア太平洋地域において、長期的なパートナーシップを通じて、当社が成長を支援したいと考える、まさに理想的な企業です。今回の投資は、当社のアジアにおける強固な事業基盤と、魅力的なプライベート・エクイティの投資機会が引き続き見込まれる日本市場へのコミットメントを一層強めていることを示しています。経営陣のパートナーとして、JSBの次なる成長ステージを支援できることを大変楽しみにしています。」

本取引は、Warburg Pincusが2025年の東京オフィス開設後に実施した、日本における初の非公開化案件です。本件はまた、同市場に対する当社の強い確信と、プライベート・エクイティ及び不動産分野の双方にわたって日本での投資基盤を拡大していくという長期的なコミットメントを示すものです。本投資はさらに、当社がアジアの住宅セクターに対して長年有してきた見方を一層裏付けるものであり、日本最大のシェアハウスプラットフォームであるTokyo Beta、インド有数の学生向け住宅プラットフォームであるGood Host Spaces、アジア太平洋の主要都市における住宅分野に特化したWeave Living等、同地域における主要な住宅プラットフォームへの投資で培ってきた20年以上にわたる経験の積み重ねの上に成り立っているものです。

本公開買付けは、2026年6月15日に開始し、2026年7月27日まで実施される予定です。

本プレスリリースは、本公開買付けに関する情報を一般に提供することを目的としており、いかなる有価証券の売却の申込み、又は購入の申込みの勧誘を構成するものではなく、いかなる申込み又は勧誘に関連して使用又は依拠することもできません。本プレスリリースに含まれる情報は、米国内において又は米国に向けて公表又は配布することを目的としたものではありません。本プレスリリースで言及されるいかなる有価証券も、1933年米国証券法（その後の改正を含みます。）に基づき登録されておらず、また登録される予定もありません。したがって、同法に基づく登録又は適用可能な免除規定に従わない限り、米国において当該有価証券の募集又は販売を行うことはできません。

株主の皆様が本公開買付けへの応募を希望する場合、本公開買付けに係る「公開買付説明書」をお読みください。本プレスリリースは、いかなる法域においても、有価証券の売買の申込み、又はその勧誘を構成するものではなく、またその一部を構成するものでもありません。また、本プレスリリース（またはその一部）及びその配布は、本公開買付けに関連するいかなる合意の基礎を構成するものと解釈されるべきではなく、本プレスリリースは、かかる合意を締結する際に依拠されるべきものではありません。

特段の定めがない限り、本公開買付けに関連するすべての手続は日本語で行われるものとします。本公開買付けに関連する書類の一部又は全部が英語で作成される場合がありますが、日本語の書類と内容に相違がある場合は、日本語の書類が優先するものとします。

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Warburg Pincusについて

Warburg Pincus LLCは、グローバル・グロース投資のパイオニアです。1966年の設立以来、プライベート・パートナーシップとして活動してきた当社は、市場サイクルを問わず、投資家や経営陣の持続的な成功を支援するための柔軟性と豊富な経験を有しています。現在、当社の運用資産総額は1,000億ドル超に達し、様々な成長段階、業種、地域にわたる215社超の企業で構成される投資ポートフォリオを保有しています。Warburg Pincusは、プライベート・エクイティ、不動産、キャピタル・ソリューションズの各戦略を通じて、1,100社以上に投資を行ってきました。

当社は本社をニューヨークに置き、世界各国に15拠点以上のオフィスを構えています。より詳細な情報については、www.warburgpincus.comをご覧いただくか、LinkedInの当社公式ページをフォローいただくことでご確認いただけます。

Media Contacts

Warburg Pincus

Lisa Liang

Senior Vice President, Asia Head of Marketing and Communications, Warburg Pincus

lisa.liang@warburgpincus.com